ISLAMABAD: The next budget will be growth-oriented with a main objective of promoting private sector to create job opportunities for unemployed youth in the country.
This was stated by Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh while talking to PTV here on Saturday.
He said National Economic Council (NEC) has approved the new growth strategy which will focus on enhancing economic growth rate and create job opportunities for youth in the country.
He hoped that under the new strategy, the GDP growth would be enhanced to create job opportunities.
The minister said that projects of national economic importance like construction of dams, road networks, bridges and other infrastructure would be given priority in the next fiscal year.
He said that the people who were paying taxes would have special incentives in the next budget.
Shaikh said that the government would have to focus on reducing expenditures to achieve positive results in all sectors.
He said that the government had given subsidy on oil products, utility store items and electricity to facilitate the masses.
He said that a sum of Rs32 billion had been provided to Benazir Income Support Program (BISP).
He said that loans which were taken by the past and present governments would have to be paid back.
He urged all the institutions to avoid getting loans in future. However, he said that the aids taken by any government would be utilized in feasible and result-oriented projects.
Shaikh said that recent floods had shaken the economy.
He said that floods not only damaged the infrastructure but also destroyed the standing crops including rice and cotton.
He said that the government was bound to spend Rs100 billion for relief and rehabilitation.
He expressed the hope that next year budget would be growth oriented and business friendly.
The minister said that useless expenditure must be avoided in future to achieve progress in all sectors.
He urged all the institutions to focus on economic stability.
Exports had increased to Rs24 billion while remittances have crossed Rs11 billion mark, he added.
Copyright APP (Associated Press of Pakistan), 2011
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